Proventus Agrocom Limited has reported its audited financial results for the half-year and financial year ended March 31, 2026. The company's consolidated revenue stood at INR925 crores for the fiscal year, while retail revenue crossed INR659 crores, representing a year-on-year growth of approximately 58%. Profit after tax increased to INR14.26 crores, registering a growth of approximately 93% year-on-year.

The earnings conference call was held on May 20, 2026, led by Mr. Durga Prasad Jhawar, Founder, Managing Director, and CEO. During the call, management highlighted that EBITDA stood at INR19.84 crores as against INR12.92 crores in the previous year. Gross margin expanded by 240 basis points to 22.1%. Based on the momentum across businesses, the company has revised its financial year 2028 retail revenue target upward to INR1,100 crores from INR1,000 crores.

Financial Performance

The company reported strong operational metrics driven by a shift in product mix. Nearly 48% of revenue now comes from wholesome nutrition products, which operate at significantly stronger margins compared to traditional dry fruits.

Strategic Outlook

Management stated that the wholesome nutrition segment is growing at 15% to 18% compared to 5% to 7% growth in core dry fruits. The company is focusing aggressively on the Makhana category, which it believes has the potential to become one of India's largest healthy snacking categories. To support this growth, the company is investing in manufacturing infrastructure, including a new facility in Surat with a planned capacity of over 4 lakh pouches per day, expected to come online by the first half of financial year 2027.

The company is targeting a revenue growth of 30% to 35% year-on-year for the next two years. It also aims to increase the contribution of wholesome nutrition to over 58% of revenue. Marketing spend for the upcoming year is expected to be between INR85 crores and INR95 crores, up from INR75 crores in FY26.

Proventus Agrocom Limited announced its audited standalone and consolidated financial results for the half year and year ended March 31, 2026, reporting a year of robust growth and margin expansion. The company posted a brand revenue of ₹659 Cr for FY26, reflecting a 58% YoY increase, while total revenue stood at ₹926 Cr, up 59% from ₹584 Cr in FY25. Consolidated PAT surged 93% YoY to ₹14.26 Cr, driven by a richer product mix and improved sourcing economics. The Board of Directors approved the results at its meeting held on May 15, 2026, with statutory auditors issuing an unmodified opinion on both standalone and consolidated financial statements.

FY26 Financial Performance at a Glance

FY26 marked the strongest year on record for Proventus Agrocom across key financial metrics. EBITDA rose to ₹19.84 Cr from ₹12.92 Cr in FY25, while gross margin expanded by 240 basis points to 22.1%. The company's five-year revenue CAGR from FY21 to FY26 stood at 54%. The balance sheet remained disciplined with a debt-equity ratio of 0.19:1 and a net worth of ₹144 Cr.

The following table summarises the key financial metrics across fiscal years:

Standalone Financial Results

On a standalone basis, Proventus Agrocom reported revenue from operations of ₹53,529.66 lakhs for the year ended March 31, 2026, compared to ₹38,000.18 lakhs in the previous year. Total income stood at ₹53,796.93 lakhs versus ₹38,420.24 lakhs. Profit before tax was ₹583.17 lakhs against ₹490.33 lakhs in the prior year. Net profit from continuing operations came in at ₹433.69 lakhs compared to ₹360.98 lakhs. Basic EPS for the full year was ₹12.58 and diluted EPS was ₹12.54.

The following table presents the standalone income statement highlights:

The standalone balance sheet as at March 31, 2026 reflected total assets of ₹14,173.94 lakhs versus ₹12,909.56 lakhs a year earlier. Shareholders' funds stood at ₹12,683.89 lakhs, comprising share capital of ₹345.34 lakhs and reserves and surplus of ₹12,338.55 lakhs. Current assets totalled ₹11,593.65 lakhs, supported by inventories of ₹2,572.40 lakhs, trade receivables of ₹2,857.13 lakhs, and cash and cash equivalents of ₹2,094.44 lakhs. During the half year ended March 31, 2026, 6,725 equity shares of ₹10 each were issued and allotted under the PAPL SIP 2022 scheme, raising paid-up capital to ₹345.34 lakhs.

Consolidated Financial Results

On a consolidated basis, which includes subsidiaries Prov Foods Private Limited, Proventus Retail Private Limited, Prov Nova Bio Technologies Private Limited, and Proventus Commodities DMCC, the group reported revenue from operations of ₹92,498.74 lakhs for the year ended March 31, 2026, compared to ₹58,155.96 lakhs in the prior year. Total income was ₹92,638.55 lakhs against ₹58,421.48 lakhs. Profit before tax rose to ₹1,785.43 lakhs from ₹938.63 lakhs. Net profit attributable to equity shareholders of the parent stood at ₹1,414.07 lakhs versus ₹735.86 lakhs. Consolidated basic EPS for the full year was ₹41.01 and diluted EPS was ₹40.90.

The following table presents the consolidated income statement highlights:

The consolidated balance sheet as at March 31, 2026 showed total assets of ₹19,812.09 lakhs versus ₹16,912.16 lakhs. Shareholders' funds (including non-controlling interests) stood at ₹14,456.71 lakhs. Long-term borrowings were ₹474.18 lakhs, down from ₹585.75 lakhs. Short-term borrowings were ₹2,230.34 lakhs. Capital work in progress stood at ₹1,016.96 lakhs, reflecting ongoing construction at the Surat facility.

Business Mix and Strategic Shift

A defining feature of FY26 was the continued shift in revenue composition toward higher-margin Wholesome Nutrition products. The Core Dry Fruits to Wholesome Nutrition revenue mix moved to 52:48 in FY26, compared to 59:41 in FY25. Wholesome Nutrition, comprising Makhana, seeds, bars, and premium dry fruits, now carries higher margins than Core Dry Fruits. The company launched 25+ new SKUs during the year, with Makhana emerging as a significant growth lever, growing at 25–30% CAGR.

Speaking on the results, MD & CEO DP Jhawar stated: "ProV has delivered on every commitment it has made. FY26 validates that our transition from a dry fruit company to a wholesome nutrition platform is working. Healthy snacking in India is becoming a daily habit, and ProV is positioned at the centre of this structural shift. Makhana, in particular, is emerging as a generational category opportunity, and with our Bihar facility now operational at the source of 90%+ of India's Makhana supply, ProV is scaling it aggressively. We are now revising our FY28 revenue target upward to ₹1,100 Crore."

Capacity Expansion and Manufacturing Infrastructure

Proventus Agrocom is scaling manufacturing capacity across three locations. The Mumbai facility, spanning 47,000 sq.ft. with a capacity of 1.5 lakh pouches per day, is fully operational. The Purnia, Bihar plant—focused on Makhana—provides backward integration at the source of 90%+ of India's supply and is expected to deliver 300+ basis points margin improvement post full commissioning. A 2,00,000 sq.ft. facility in Surat, Gujarat is under construction and targeted to be commissioned by H1 FY27, with a combined capacity target of 4 lakh+ pouches per day. The company's sales force has expanded to 350+ field personnel, covering 16,000+ General Trade touchpoints across all four channels—General Trade, Modern Trade, E-Commerce, and Quick Commerce.

Market Opportunity and FY28 Target

The company revised its FY28 revenue target upward to ₹1,100 Cr from ₹1,000 Cr. The total addressable market for dry fruits and wholesome nutrition is projected to grow from ₹75,000 Cr to ₹1,10,000 Cr by 2030, driven by a structural shift toward healthier snacking, rapid growth in Makhana at 25–30% CAGR, and GST rationalisation on dry fruits favouring organised players. Organised players are already growing 2.5x faster than unorganised. The FY28 roadmap is anchored on four pillars: expanding General Trade reach and deepening Quick Commerce presence targeting 10%+ of revenue; growing Wholesome Nutrition to 58%+ of revenue with Makhana as the primary vehicle; commissioning Surat and Bihar facilities to deliver 4 lakh+ pouches per day by FY27; and expanding the workforce, which currently stands at 850+ employees, with targeted leadership additions across sales, supply chain, and brand marketing.